KUALA LUMPUR: Trading in AMMB Holdings Bhd’s securities was suspended on Monday and Tuesday at the request of the banking group.
AMMB said in a statement to Bursa on Monday the request was in relation to the global settlement proposal relating to 1Malaysia Development Bhd (1MDB).
Last Friday, AMMB reached an agreement with the Ministry of Finance (MoF) for a sum of RM2.83bil to be paid towards the full and final settlement in relation to all these historical matters.
Undoubtedly, the settlement will have a material impact on the group’s financial year results for the period ending March 31,2021.
However, AMMB maintained it remains financially resilient and has sufficient financial resources to absorb the settlement without having to raise additional equity capital.
AMMB also said it has strengthened and enhanced its processes to meet with the current regulatory standards.